What's the Stock Market Not Seeing?

David Rosenberg tweeted this chart out of S&B 500 earnings yield and the yield on the six-month tea bill. Jeff Yang: What's the stock market not seeing when you're seeing declining earnings, not slowing earnings and declining earnings estimates? He says maybe it's still about liquidity or it's about technicals; today was nothing more than bouncing sharply off the 200-day moving average.Yang: I would just say give a time. You know, we could be talking about something totally different four weeks from now in terms of where that multiple is.